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the government deficit topped $1 trillion once again. the treasury says the deficit was roughly 7% of gdp and, larry, the nobel peace prize goes to the eu. the nobel committee gave the prize to the european union acknowledging the 27 blocks advancement and a peace and reconciliation and i know a lot of people think this is ridiculous, but when you think about the history there and the fact that these countries 100 years ago and what they're doing is hard, maybe it's a reminder. >> they should have given them to them 70 years ago and this is the wrong time and i'll talk about that with my pal jimmy pathkuke as. >> my only personal view is it's a ridiculous thing so i've asked cnbc contributor jim pathkukas to come back. at this moment in time with the growth of welfare states and socialism and bankruptcy and bailouts i wouldn't give the european union an award of any kind. what this k this nobel peace prize people be possibly thinking? >> given what you just said and the fact, the eu could still break apart and maybe this is like a parting gift when people are on a game show and given a partin
and that that, we can do that on a basis which won't increase the deficit. that was their position as i said for 99% -- >> but still his position -- >> hold on, joe, and you cannot do that as a mathematical matter without raising the tax burden on the middle class, it's not possible and all this debate about my studies and your studies is not possible, as bill clinton said at the democratic convention it's arithmetic. >> can we taxle the deficit without affecting the middle class? >> if i were vice president biden i'd put that back on the table and push it because it's too late to change your position 30 or 40 days before the election in a campaign that's gone, you know, for a year and a half. it's too late especially on an issue which you've been talking about every single day for those 18 months. it's too late. i'd take the view you can't change your position on something like that 30 days before the election, you can't change your position on repealing every fapset of obama ca facet of obama care or every facet of dodd-frank. we have a debate tonight, so to say nevermind, that doesn't wor
. and the reason is he's talking about tax cuts and deficit reduction at the same time. and the pew poll that came out earlier this week, wolf, said six in ten voters believe that romney is promising more than he can deliver. one reason bill clinton's speech was so popular at the democratic convention was he said the arithmetic doesn't add up. so you can push is this just rhetoric during a campaign, or is this real? if you want to close tax loopholes, okay, fine. what loopholes would you close? he's got to answer that. and so far hasn't done it. >> his argument is i don't want to put all that out right now. because if he's president, he's going to have to negotiate all those issues with democrats. and why put your on position out right now. >> sure. >> i don't know if his argument's going to necessarily hold. that's another matter. a lot of folks have seen romney over these past couple weeks at the debate, in the interview with me, moving more towards the center. do you see that? >> i did. i saw that particularly in your interview when he talked about the wealthy and how his tax plan would affect
where we talked about the fiscal cliff, resolving the deficit, and got inside goldman's business a bit. a lot of it was concerned with the warnings. >> if we do nothing, next year you'll have the rate of growth slow to somewhere like 3 to 5%. you'll have unemployment go up another 2% to around above 9%, and 2 million more people will lose their jobs. and we're doing nothing about it. >> it's very serious. i think the candidates know how serious it is. i think they're trying to avoid it, maybe in part because it is so consequential and serious. maybe the ideas that would have to be put forward will be unattractive to some people. obviously we're in a position where new discipline is going to have to be imposed. people are going to be disappointed in the consequence. >> they worship the god of re-election. they're figuring that out and how to duck every hot issue before november 6th. then erskine says the whirlpool of $7 trillion is going to hit us like a rainstorm. >> people are never going to understand how critical this particular time in history is. we have $7.7 trillion worth of eco
depending on which way the electorate goes, you're going to see the deficit reduced either by tax increases or public spending cuts or a bit of both. and i do think the intrenched positions you've had the last year and a half will in the send cause someone to blink, either the administration or congress because ultimately neither will want to push the u.s. into an unnecessary recession next year. the answer is, yes, i expect some compromise. may seem foolish given the behavior of washington in the last few quarters. but having said that, i do think you're going to see some compromise. and ultimately, although it has hurt the market, it won't be too much of a negative going into next year. >> some may argue the more important elections in the next few weeks are the spanish regional elections on the 21st, which may trigger or allow spain to then ask for a bailout. do you think that's the event to watch as opposed to -- earnings season is great, it's not going to be a headwind in your view. but do we really need spain to request a bailout in order for us -- the equity markets to move higher he
Search Results 0 to 5 of about 6 (some duplicates have been removed)